Interim report January - September 2021: Profitable growth and Igenomix acquisition

Rhea-AI Summary

Vitrolife AB reported a strong financial performance for the third quarter of 2021, with sales reaching SEK 406 million, a 27% increase year-over-year. EBITDA rose to SEK 162 million, yielding a 40% margin. The company also announced the acquisition of Igenomix for EUR 1.25 billion, financed partially through a directed share issue of SEK 3.6 billion. For January to September 2021, total sales were SEK 1,167 million, up 35%, and net income increased to SEK 310 million. A non-cash share issue of SEK 6.4 billion was also approved to help fund this acquisition.

Positive

• Sales increased by 27% in Q3 2021, reaching SEK 406 million, and by 35% for January-September, totaling SEK 1,167 million.
• EBITDA margin at 40% for Q3 and adjusted EBITDA of SEK 485 million for January-September, reflecting strong operational leverage.
• Strategic acquisition of Igenomix for EUR 1.25 billion expected to enhance market position and future growth potential.

Negative

• Acquisition-related costs included SEK 8 million in Q3 and SEK 22 million for January-September, impacting operating income.
• Currency fluctuations negatively affected EBITDA by SEK 24 million for the January-September period.

GÖTEBORG, Sweden, Oct. 29, 2021 /PRNewswire/ -- Interim report January – September 2021: Profitable growth and Igenomix acquisition.

Third quarter:    

• Sales amounted to SEK 406 (320) million, corresponding to an increase of 27 percent in SEK. Sales increased by 30 percent in local currency.
• Operating income before depreciation and amortisation (EBITDA) amounted to SEK 162 (134) million, corresponding to a margin of 40 (42) percent. Currency effects positively impacted EBITDA by SEK 1 million. Operating income included non-recurring acquisition-related costs of SEK 8 million. Adjusted EBITDA therefore amounted to SEK 170 million, corresponding to a margin of 42 percent.          
• Net income amounted to SEK 105 (89) million, which gave earnings per share of SEK 0.89 (0.81).       
• Vitrolife entered into an agreement to acquire 100% of the shares in Igenomix for a purchase sum of EUR 1.25 billion (approximately SEK 12.7 billion). During the quarter a directed share issue of SEK 3.6 billion was carried out as part-financing of the acquisition.

January - September:          

• Sales amounted to SEK 1 167 (863) million, corresponding to an increase of 35 percent in SEK. Sales increased by 41 percent in local currency.           
• EBITDA amounted to SEK 460 (290) million, corresponding to a margin of 39 (34) percent. Currency effects negatively impacted EBITDA by SEK 24 million. Operating income included non-recurring acquisition-related costs of SEK 22 million and non-recurring transport-related costs of SEK 3 million. Adjusted EBITDA therefore amounted to SEK 485 million, corresponding to a margin of 42 percent.          
• Net income amounted to SEK 310 (180) million, which gave earnings per share of SEK 2.77 (1.65).

After the end of the period: 

• An Extraordinary General Meeting resolved to approve the Board's proposal regarding a non-cash issue of shares for SEK 6.4 billion as part-financing of the acquisition of Igenomix.       
• Patrik Tolf has been appointed new CFO of Vitrolife AB (publ) effective 1 January 2022.

Gothenburg, October 29, 2021
VITROLIFE AB (publ)
Thomas Axelsson, CEO

CONTACT:

Queries should be addressed to:
Thomas Axelsson, CEO, tel 46 31 721 80 01
Mikael Engblom, CFO, tel 46 31 721 80 14

This information is information that Vitrolife AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8.00 am CET on October 29, 2021.

This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/vitrolife-ab--publ-/r/interim-report-january---september-2021--profitable-growth-and-igenomix-acquisition,c3442942

The following files are available for download:

https://mb.cision.com/Main/1031/3442942/1488221.pdf

Interim report Jan-Sep 2021

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SOURCE Vitrolife AB (publ)

FAQ

What were Vitrolife's sales figures for the third quarter of 2021?

Vitrolife reported sales of SEK 406 million for Q3 2021, a 27% increase compared to the previous year.

What is the acquisition value of Igenomix by Vitrolife?

Vitrolife announced an acquisition of Igenomix for EUR 1.25 billion, approximately SEK 12.7 billion.

How did Vitrolife's EBITDA perform in Q3 2021?

EBITDA for Q3 2021 was SEK 162 million, with a margin of 40%.

What financing measures did Vitrolife undertake for the Igenomix acquisition?

Vitrolife carried out a directed share issue of SEK 3.6 billion to partially finance the acquisition.

What was Vitrolife's net income for January-September 2021?

Net income for the period was SEK 310 million, showing an increase from SEK 180 million in the previous year.